Obama's 95% Illusion

Discussion in 'Congress' started by The Paperboy, Oct 16, 2008.

  1. The Paperboy
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    The Paperboy Times Square

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    From Wall Street Journal:

    One of Barack Obama's most potent campaign claims is that he'll cut taxes for no less than 95% of "working families." He's even promising to cut taxes enough that the government's tax share of GDP will be no more than 18.2% -- which is lower than it is today.

    It's a clever pitch, because it lets him pose as a middle-class tax cutter while disguising that he's also proposing one of the largest tax increases ever on the other 5%. But how does he conjure this miracle, especially since more than a third of all Americans already pay no income taxes at all? There are several sleights of hand, but the most creative is to redefine the meaning of "tax cut."

    For the Obama Democrats, a tax cut is no longer letting you keep more of what you earn. In their lexicon, a tax cut includes tens of billions of dollars in government handouts that are disguised by the phrase "tax credit."

    Full story here
     
  2. DavidS
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    DavidS Anti-Tea Party Member

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    Irrelevant. When was the last time the taxes were increased on the rich? Bill Clinton. Anyone miss that economy? What happened to a "If you raise taxes during a recession, it'll cause a depression!" Gosh.
     
  3. jreeves
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    jreeves Senior Member

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    You fail to remember the tech boom of the 90's....
     
  4. The Paperboy
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    The Paperboy Times Square

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    In fact that's exactly what happened. By the time Clinton left office we were in a recession.

    Fact: Tax revenues go up when taxes are lowered. Revenues are up 20% under Bush.
     
  5. midcan5
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    midcan5 liberal / progressive

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    Clinton proved the republican conservative mantras about taxes and the rich were and are fantasy. That they continually repeat them demonstrates the paucity of their ideology when it comes to sound economic theory.

    "There is no historical evidence that tax cuts spur economic growth. The highest period of growth in U.S. history (1933-1973) also saw its highest tax rates on the rich: 70 to 91 percent. During this period, the general tax rate climbed as well, but it reached a plateau in 1969, and growth slowed down five years later. Almost all rich nations have higher general taxes than the U.S., and they are growing faster as well."
    Tax cuts spur economic growth
     
  6. Dr Grump
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    Dr Grump Gold Member

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    I have no problem with people earning over 2 million paying more tax. If they are so greedy and selfish that they throw their toys out the cot with their "I'm gonna cut jobs, just so I can stay super rich", they can get stuffed! Being rich isn't a right.....just look at all those lovely bonuses these turds on Wall St gave themselves while their house of cards were collapsing...
     
  7. Red Dawn
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    Red Dawn Senior Member

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    Lmao!

     
  8. The Paperboy
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    The Paperboy Times Square

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    Yes and you had three wars to help create that economic growth.

    The greatest and longest peace time economic growth was under Reagan.
     
  9. jillian
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    jillian Princess Supporting Member

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    Fibbie fibbie... it was under Clinton.

    Reagan had to raise taxes because he was going to slide into a recession. Largest tax increase in history, if I recall correctly. ;o)

    And there's no such thing as trickle down voodoo economics. Haven't you figured that out after what your boys have done over the last two terms?

    Sheesh. Even white rats learn.
     
  10. The Paperboy
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    The Paperboy Times Square

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    You do not recall correctly. Bush 41 raised taxes and the economy went south. Proves the point.
     

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